Other namesSources said that other names being considered include RBI Deputy Governor Urjit Patel, former Deputy Governor Rakesh Mohan and Chief Economic Advisor Arvind Subramanian. “It (announcement of new Governor) will happen reasonably in advance. We don't want unnecessary speculation,” said a top government source, adding that, “the process of selection is already on.” With Rajan’s term ending on September 4, sources said the government would like to announce the next Governor of the Reserve Bank of India by July end.

Subir Gokarn

No search panelThey also said the government will not be setting up a search panel for selection of the new Reserve Bank Governor. Interestingly, some of the contenders whose names are doing the rounds at the Finance Ministry, including Patel and Subramanian, have worked at the International Monetary Fund (IMF) — same as Rajan.